The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing Income Tax Returns for FY2019-20 to January 10, 2021. The earlier deadline to file the tax returns was December 31, 2020.
The due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas has been extended by a month till January 31.
The deadline for companies and individuals who need to get their accounts audited too has been extended by 15 days till February 15, the finance ministry said in a statement.
The government has also extended the due date for filing annual returns for the financial year 2019-20 under the Central Goods and Services Tax Act, 2017, to February 28.
The ITR deadline extension is for those whose accounts are not required to be audited and who file their income tax return under ITR-1 or ITR-4 forms.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
Additionally, to provide relief to small and middle-class taxpayers, the due date for payment of self-assessment tax has been extended to February 15, 2021.“In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Government of India further extends the dates for various compliances,” the Central Board of Indirect Taxes and Customs said in a statement.
In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Press release on extension of time limits issued today: pic.twitter.com/lMew09HXMq
— Income Tax India (@IncomeTaxIndia) December 30, 2020
Notably, this is the third time the government extended the deadline for filing ITR for FY20. The deadline was first extended from July 31 to November 30 and then to December 31, 2020.